By Brian Reddington
Organized for simple reference and the most important perform, assurance of the entire crucial subject matters awarded as 500 AP-style questions with exact resolution explanations
5 Steps to a five: 500 AP Microeconomics/Macroeconomics inquiries to understand through attempt Day is adapted to fulfill your learn needs—whether you have left it to the final minute to arrange otherwise you were learning for months. you'll take advantage of going over the questions written to parallel the subject, layout, and measure of hassle of the questions inside the AP examination, followed by way of solutions with finished explanations.
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Extra resources for 500 Must-Know AP Microeconomics/Macroeconomics Questions
Allocative inefficiency is a hallmark of which market structure? (A) Oligopoly (B) Perfect competition (C) Natural monopoly (D) Monopoly (E) Monopolistic competition 148. An airline may identify a specific group of people and charge them a different rate. This is known as (A) a monopolistic competition (B) price discrimination (C) diseconomies of scale (D) constant returns to scale (E) illegal by current federal laws 149. Price discrimination might be successful if (A) the firm can prevent resale to other consumers and identify and separate groups of consumers (B) the firm does not have a monopoly on the pricing power of the good or service (C) the firm has a monopoly on pricing power but cannot prevent resale to other consumers (D) the firm does not have economies of scale (E) the firm is operating within government regulations 150.
The concave shape of the production possibilities curve implies the notion of (A) opportunity costs (B) comparative advantage (C) marginal analysis (D) allocation of limited resources with unlimited material wants (E) MB = MC 6. It is beneficial for two countries to trade only when there is (A) a mutually beneficial trade agreement (B) increasing returns to scale (C) decreasing returns to scale (D) an absolute advantage in production between the two countries (E) a comparative advantage in production between the two countries 7.
The best way a government deals with a monopoly is by (A) creating a competing firm that is government owned (B) creating regulations on the monopoly firm (C) redistributing a percentage of the monopoly’s profit through specific tax laws (D) compensating firms hurt by the power of the monopoly (E) A, B, and C 83. A monopolistic competition refers to (A) extensive economies of scale and higher cost-efficiency when there is only one firm for the entire demand of a product (B) a few small firms offering a differentiated product with easy entry into the market (C) a market structure with a small number of interdependent large firms producing a standardized product (D) the most competitive market structure (E) the least competitive market structure 84.